Desjardins Global Asset Management Inc. acquired a new stake in Corteva, Inc. (NYSE:CTVA – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,926 shares of the company’s stock, valued at approximately $900,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in CTVA. Column Capital Advisors LLC lifted its position in shares of Corteva by 100.0% during the fourth quarter. Column Capital Advisors LLC now owns 426 shares of the company’s stock valued at $25,000 after buying an additional 213 shares during the last quarter. Greenwood Capital Associates LLC purchased a new stake in shares of Corteva during the fourth quarter valued at about $25,000. AXS Investments LLC purchased a new position in shares of Corteva in the 4th quarter valued at approximately $27,000. Beacon Capital Management LLC raised its position in shares of Corteva by 82.8% in the 4th quarter. Beacon Capital Management LLC now owns 468 shares of the company’s stock valued at $28,000 after purchasing an additional 212 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Corteva in the 4th quarter valued at approximately $29,000. 80.63% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on CTVA. VNET Group reaffirmed an “upgrade” rating on shares of Corteva in a research report on Monday, May 22nd. Barclays decreased their price objective on shares of Corteva from $75.00 to $70.00 in a research report on Thursday, June 1st. Canaccord Genuity Group began coverage on shares of Corteva in a research report on Wednesday, June 28th. They issued a “buy” rating and a $75.00 price objective for the company. KeyCorp cut their price target on shares of Corteva from $70.00 to $68.00 in a report on Tuesday, July 11th. Finally, Vertical Research upgraded shares of Corteva from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Monday, May 22nd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.65.
Corteva Price Performance
Corteva (NYSE:CTVA – Get Free Report) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.23. Corteva had a net margin of 6.64% and a return on equity of 8.03%. The business had revenue of $4.88 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter last year, the company earned $0.97 EPS. The business’s revenue was up 6.2% on a year-over-year basis. Analysts expect that Corteva, Inc. will post 2.93 EPS for the current year.
Corteva Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.16 dividend. The ex-dividend date is Thursday, August 31st. This represents a $0.64 dividend on an annualized basis and a yield of 1.13%. This is a boost from Corteva’s previous quarterly dividend of $0.15. Corteva’s dividend payout ratio (DPR) is currently 37.04%.
Corteva Profile
Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.
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